Instant Personal Loans for Instant Gratification

Instant personal loan from CASHe

At CASHe, we believe in complete transparency and simplicity in our lending practices. For young salaried professionals who often find themselves in complicated financial situations, this easy-to-use application is the best way to get rid of the tedious paperwork and human interactions. CASHe simplifies your borrowing experience by taking out the complexities involved in taking a loan. Now you can borrow a short-term personal loan within minutes of applying on CASHe.

This section entails all you need to know about personal loans, how they benefit you, what you need to do to get a loan in minutes. Whether you need a loan to fund your education or pay for your hefty medical bills, trust CASHe to help you meet all your financial emergencies added with the convenience of applying for a loan from anywhere, anytime.

What is a personal loan?

A personal loan is a type of unsecured loan which helps you meet your current financial needs. It does not require collateral or security and is often offered with minimal documentation. Personal loans are relatively easy to apply compared to a home or a car loan.  That makes them useful for everything be it for small home improvements to expensive purchases. In order to apply for a personal loan, the applicant is required to have a known source of income (from a regular job) and a good credit history. The rate of interest charged on a personal loan is usually high compared to other loans as it is an unsecured loan. You can use the money received from a personal loan for almost anything, but it is advisable to borrow only as much as you need—and for things that improve your finances. (See more information on the rate of interest in the section ‘What are the processing fee and interest charges?’ below).

Benefits of personal loans

Applying for a personal loan can be a great way to finance your immediate financial emergencies. Whether it is for an unplanned medical condition, or a big-ticket purchase, taking a personal loan helps you overcome these needs. Let us see the top benefits of a personal loan:

No Restrictions on the fund usage

Unlike a Home Loan or Auto Loan, which are meant to be used for a specific purpose, the funds you get from a personal loan can be used for any purpose. The lenders usually don’t set any restrictions on the end usage of the funds.  You can use the money to fund your dream vacation, renovate your home, or buy expensive furniture for your home.

Quick disbursals

Subject to meeting the lender’s eligibility criteria and with a good credit score, you can get your loan approved and disbursed typically within a day. Digital lenders like CASHe offer instant personal loans through a smartphone application which offers 100% online application and quick disbursal.

Flexible loan tenors

Another critical benefit of taking a personal loan is that you have the liberty to choose the loan duration as per your repayment capacity.  Typically, loans offered by digital lending company, CASHe, offers loan tenor options ranging from a mere two months to up to 18 months. This gives the borrower a wide choice of repayment plans to choose from.

No collaterals needed

As personal loans are unsecured in nature, collaterals are not provided for getting a loan. This feature is one of the most attractive reasons why people opt for a personal loan. Personal loans are unsecured. You need not provide an asset as collateral for getting a personal loan. However, some lenders charge higher rate of interest precisely because it is unsecured in nature.

Get an instant personal loan from CASHe

CASHe provides unsecured short-term personal loans from Rs 6,000-400,000 for loan tenors ranging from 3 months to up to 18 months through a smart, intelligent digital app. Its user-friendly interface enables faster loan application and quicker loan disbursals. The process of applying for a loan is a breeze. The user logs in using his Facebook, LinkedIn or Google Plus accounts. The next step includes filling in basic details and uploading his identity proof such as PAN card along with his latest salary slip and bank statement using the app.   Once registered, the eligibility is confirmed within minutes along with the eligible loan amount. The eligibility is calculated using a sophisticated algorithm that mines the borrowers’ mobile and social network and requests basic documentation to arrive at a Social Loan Quotient – SLQ score and a loan eligibility amount.  One the credit is approved; the requested amount is credited to the user’s bank account within minutes. The repayment process too is as simple as applying for a loan. The user can directly credit the amount back through bank transfer on the designated due dates.

What are the processing fee and interest charges?

CASHe charges processing fee starting from Rs 500 to Rs 1,200 depending on the loan product you are eligible for. Our interest rates are competitive and calculated on a per-month basis on the entire amount. We offer a 2.75% interest rate per month on the loan amount.

We also offer a 7-day interest-free grace period to pay your EMI at the end of every month. But do note that there is a 0.7% interest fee penalty charged for any subsequent payment delays.

How to successfully apply for a loan with CASHe

• Proper documentation: Uploading the necessary documentation is one of the primary requirements for a successful loan application. As the platform is 100% digitized, all documents are expected to be uploaded on the app itself. Do note, for faster processing and approval and disbursals, the documents need to be genuine and legible.
• Your credit score: While most financial institutions consider the bureau scores to determine your credit history before lending you a personal loan, CASHe uses sophisticated AI-based algorithms and alternative data sets to arrive at your credit score. The scores generated from SLQ determines your credit worthiness.
• Good repayment history: It is imperative to have a good repayment history on your past loans be it from CASHe or from other financial institutions and banks. Late repayments or default status on any loans against your name will automatically flag you as a customer with a negative profile on our platform.

How does technology play a role in determining credit to a borrower like you?

The technology that enables us to deliver the enhanced customer experience is our proprietary AI-based algorithm called the Social Loan Quotient (SLQ). SLQ uses a combination of Big Data Analytics and proprietary Artificial Intelligence based algorithms to evaluate tradition inputs and the user’s digital footprint to measure their credit worthiness. SLQ is forward looking in nature as it measures a borrower’s propensity to repay based on currently available information, as opposed to traditional credit scoring systems which deliver a score based only on historical financial behavior. An individual with no history in the Indian financial system, but whom our SLQ engine determines has a reasonable propensity to repay, can get a loan from CASHe. This is quite a unique feature and we have successfully could create a large customer base who now enjoy borrowing from CASHe.

Why choose CASHe for your personal loan needs?

Our mission is to deliver honest and transparent short-term financial products to young Indian professionals like you to meet your everyday needs and aspirations. We have created a simple environment for borrowers to avail these instant personal loans in the quickest possible time. Unlike banks or other lending institutions, CASHe not only cuts down the usual hassles of paperwork, personal meetings when borrowing cash but also eliminates all human interactions. CASHe has revolutionized the short-term personal loan market in India by creating a one-stop shop for young professionals who can now access credit in an elegant and uncomplicated way. CASHe makes it simple and quick to avail an online loan with minimum documentation – all done through the app.

What are the eligibility and disbursal limits for a loan from CASHe?

The following information illustrates the loan eligibility and disbursal limits

Before you apply for the instant personal loan, do check the personal loan interest rates and eligibility criteria on the app. Let us simplify the eligibility in terms of salary and corresponding loan amounts that we offer:

As mentioned earlier, we charge 2.75% interest rate per month on the loan amount. Do contact us for more details or to understand the interest charges in greater detail.

Documents required for CASHe personal loan

Now that you’ve checked your personal loan eligibility and disbursal limits, here’s a quick check list of the documents you need to upload for your instant loan application:

• PAN card for photo ID proof
• Latest bank account statement showing salary credited into the account
• Aadhaar card ( optional)
• Permanent address proof (ONE of the following: Passport/driver’s licence/utility bill showing your name/voter ID card). If the current address is different from the permanent address, then you can submit any ONE of the following:
  • Leave and licence agreement of current residence/utility bill (power/landline phone/gas bill)

• Your selfie as photo proof

Once the documents are verified and approved, we process your online loan and subsequent disbursal is credited to your bank account.

What are the different ways to pay your Loan EMI to CASHe

• You can pay the EMIs via NEFT/IMPS/UPI.
• Enter your CASHe CLN number as the account number, with account name ‘Bhanix Finance and Investment Ltd.
• Our IFSC is KKBK0000958, and VPA for UPI payments is cashe@kotak

Some Must Know Terms Related to Personal Loan

Before you take a personal loan from CASHe, do familiarise yourself with these important terms to help your own understanding of the instant personal loan:

• Tenure: This refers to the term or the total time period for which the loan is granted. Personal loan tenures from CASHe ranges from 90 days to 540 days.
• Interest rate: It is the rate of interest charged on the loan amount. It remains constant for the entire tenure of the loan.
• Employment type: This term refers to whether you are a salaried individual, or a self-employed one. Most lenders prefer to offer personal loans to salaried individuals with a regular monthly income.
• EMI: An equated monthly installment (EMI) is a fixed payment amount made by a borrowerto a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month.
• Credit score: A credit score is a unique number generated against your loan application based on the information provided by you. Your loan status is invariably linked to the scores generated by our credit rating platform called the SLQ.
• Disbursal: It refers to the disbursal of the credit amount from the lender to the borrower’s bank account

Charges and Fees Related to your Personal Loan with CASHe

Our range of instant personal loan products carry interest charges that are lower than a credit card. Besides this, we believe in keeping the charges and fee transparent so that you are fully aware on what you are going to pay before you apply for a loan with us. Need a personal loan? Read up on our interest rates and charges before you apply:

• We charge 2.75% interest per month across the loan products available on the platform.

• We offer a 7-day interest-free grace period to pay your EMI at the end of every month.
• We charge 0.7% interest fee penalty if you default on the EMI or do not pay after the 7-day interest-free grace period.
• The Schedule of processing fees (charged every time you take a loan from CASHe) is as follows:

What instant loans are on offer with CASHe?

CASHe offers short-term personal loans from Rs 6,000 to 4,00,000 payable over a period of 3 months to up to 18 months.

Things to Know Before Applying for Personal Loan

About to apply for the loan? Read this first:

• Maintain a good credit history: It is important to maintain a good credit history as it represents your creditworthiness. Make sure you pay your past dues on time for the lender to give you a positive credit rating on your subsequent loan.
• Check the all-in cost: Besides the interest charges, there are other charges involved like, processing fee, late payment fee etc. Make sure your read the necessary terms and conditions of the contract of information available on the lender’s website before you apply for a loan.
• Choose the right loan product based on your needs: Choose the loan amount that meets your needs and requirements. Opting for a large loan when you don’t need it will only lead you to have higher liabilities and monthly payouts.
• Make sure you have the capacity to repay: If you feel you cannot service the personal loan EMIs, do not take a loan. Failure to service EMIs will result in penalties and also spoil your credit history.
• Make sure you choose a credible lender: There was a time when banks with umpteen branches were the only lenders from whom you could borrow without a worry. However, today there are simpler and more convenient options like CASHe Whoever the lender that you choose to borrow from, ensure you do a credibility check to see that it’s not a fly-by-night operator.
• Loan process simplicity: Most financial institutions or banks would ask you to submit a lot of documents to ascertain your loan eligibility. These documents range from Identity Proofs to Pay Slips and Income Tax Returns. On the other hand, a lot of new age loan providers have done away with clunky processes especially if your loan amount is smaller. For instance, with CASHe, you can simply check your eligibility by providing 4 simple documentation and simply submit your application through the app for a loan amount anywhere between Rs. 6,000 to Rs. 4,00,000.
• Loan disbursal time: You often need loans to meet your immediate financial needs. For instance, you have planned for your housewarming celebration or pay for your medical expenses. At such moments, the speed with which your lender can disburse the loan is of utmost importance. CASHe, for that matter, disburses loans within a few hours after approval.

FAQs about the personal loan

As mentioned above, the personal loan can be used for any purpose. Whether you wish to go for a vacation or pay for an urgent medical procedure, a personal loan can see you through any dream or crisis with equal flexibility. Thus, it functions as a marriage loan, home renovation loan, education loan, medical loan, business start-up loan, car/house down payment loan, and so on. These are some frequently asked questions about CASHe personal loans:

Where can I find the CASHe application

CASHe is available for download on Google Play and the App Store.

What is SLQ (Social Loan Quotient)?

SLQ is India’s first social behaviour-based credit rating system for salaried professionals and young salaried millennials.

How soon can I get the loan?

As soon as your correct documents are uploaded and verified, usually within minutes.

Can I change my loan requirement after applying?

We cannot accept changes to the requirement already made. You can make a fresh application after we have closed the earlier one.

Who can apply for a loan with CASHe?

Any Indian citizen residing in India, above the age of 18, with a proof of current employment, earning a monthly salary of 12,000 and above, a bank account, a Facebook / Google+ / a LinkedIn account and valid identity and address proof can use the CASHe app to avail loans.

How much cash can I borrow from CASHe?

With our multiple loan options now available on tap, you can now opt to borrow personal loans starting as low as Rs 6,000 to a maximum of Rs 400,000 with a repayment period of 90, 180, 270, 1 year and 1.5 year.